Earlier this month, Nomura put out a note that observed much the same point.

Specifically, they argued that commodities should be treated like currencies and valued with macro-trading tools that incorporate the concepts of carry, value and momentum.

Continue reading: Time to start treating commodities as currencies?]]>http://ftalphaville.ft.com/2015/02/16/2119160/time-to-start-treating-commodities-as-currencies/feed/0Guest post: Was the Swiss National Bank nuts?http://ftalphaville.ft.com/2015/01/21/2094522/guest-post-was-the-swiss-national-bank-nuts/
http://ftalphaville.ft.com/2015/01/21/2094522/guest-post-was-the-swiss-national-bank-nuts/#commentsWed, 21 Jan 2015 14:00:30 +0000Guest writerhttp://ftalphaville.ft.com/?p=2094522Debate still rages about the merits of last week’s Swiss National Bank move. Peter Doyle, economist and former IMF staffer, argues that the SNB in fact kept its exchange-rate cap for too long — and was wrong to have targeted the euro alone.

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Continue reading: Guest post: Was the Swiss National Bank nuts?]]>http://ftalphaville.ft.com/2015/01/21/2094522/guest-post-was-the-swiss-national-bank-nuts/feed/0Your FX year that washttp://ftalphaville.ft.com/2013/12/16/1723632/your-fx-year-that-was/
http://ftalphaville.ft.com/2013/12/16/1723632/your-fx-year-that-was/#commentsMon, 16 Dec 2013 10:28:26 +0000David Keohanehttp://ftalphaville.ft.com/?p=1723632At least for the majors. Just some annotated charts courtesy of HSBC, click to enlarge:

Here’s a useful exercise from BAML on Thursday — at least if you can assume Indonesia’s the emblematic economy for everything that’s made emerging markets look so ugly this summer.

Continue reading: Reading those creaking EM debt positions]]>http://ftalphaville.ft.com/2013/08/22/1610563/reading-those-creaking-em-debt-positions/feed/0Misery, Indian editionhttp://ftalphaville.ft.com/2013/08/16/1605531/misery-indian-edition/
http://ftalphaville.ft.com/2013/08/16/1605531/misery-indian-edition/#commentsFri, 16 Aug 2013 11:02:44 +0000Joseph Cotterillhttp://ftalphaville.ft.com/?p=1605531If you were wondering how fears over policy ‘credibility’ could send the Sensex in such a spin on Friday — India’s benchmark closed down almost 4 per cent — and trash the rupee…

Continue reading: The Turkish inversion]]>http://ftalphaville.ft.com/2013/07/10/1563922/the-turkish-inversion/feed/0One very large divergence please (with a dollar chaser)http://ftalphaville.ft.com/2013/07/10/1563122/one-very-large-divergence-please-with-a-dollar-chaser/
http://ftalphaville.ft.com/2013/07/10/1563122/one-very-large-divergence-please-with-a-dollar-chaser/#commentsWed, 10 Jul 2013 10:37:11 +0000David Keohanehttp://ftalphaville.ft.com/?p=1563122According to Nomura, since 1980, there are only two periods of economic divergence — between the US and Europe and the UK — comparable to what we are observing currently.